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South Africa-exposed Old Mutual and Anglo American leapt to the top of the FTSE 100 on hopes that a bitter race to become leader of the struggling country’s ruling ANC had been narrowly won by pro-business candidate Cyril Ramaphosa.

Mr Ramaphosa is expected to try to combat the nation’s endemic corruption and bring in a pro-markets agenda to help revive its flagging economy. His victory could also see South Africa’s punitive mining charter rewritten to help boost the key sector.